TSP(SZ:300129) EBSCN·2024-08-27 08:07Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company reported a revenue of 1.656 billion yuan for the first half of 2024, a slight decrease of 0.84% year-on-year, while the net profit attributable to shareholders increased by 9.45% to 130 million yuan [1]. - The company has benefited from its overseas expansion, with strong performance in onshore wind power equipment, which saw a revenue increase of 17.20% to 1.498 billion yuan in H1 2024 [1]. - The company is actively pursuing technological upgrades and expanding its market presence both domestically and internationally, with a focus on offshore wind power [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 999 million yuan, a year-on-year increase of 15.49%, and a net profit of 75 million yuan, reflecting a significant year-on-year growth of 170.07% [1]. - The company's onshore wind power equipment revenue grew by 17.20% to 1.498 billion yuan in H1 2024, while offshore wind power revenue decreased by 65.51% to 111 million yuan [1][3]. Business Strategy - The company plans to increase production capacity for onshore wind power equipment and is focusing on technological advancements in offshore wind power [1]. - The company has established a sales center in Germany to enhance its overseas market presence and respond to international customer demands [1]. Market Outlook - As of August 23, 2024, the company has an order backlog of approximately 4.238 billion yuan, with a strong pipeline for both domestic and international projects [1]. - The report projects a cautious adjustment in profit forecasts for 2024-2026, estimating net profits of 465 million yuan, 711 million yuan, and 880 million yuan respectively [1][3].